The Bitcoin Gambling Market and Casino Games, Sports Betting etc.
Bitcoin gambling has quickly become a popular alternative to regular gambling sites. It gets significantly easier because you get rid of expensive transaction fees, long waiting periods and your payment can’t be rejected.
The digital currency solves many problems found on standard casino sites. Bitcoin is a safe and easy way to deposit and withdraw money from your casino account.
At the same time, Bitcoin is almost entirely anonymous, which has both pros and cons. For casino och betting sites this is a big advantage. No third party has access to your personal and financial information.
In addition, you will not encounter canceled payments associated with debit cards. We will go into detail and explain how everything works in this guide.
The growth of online casinos has been high for many years, and Bitcoin casinos have surged in recent years. Today there are many Bitcoin casinos where you can play anonymously because no government can regulate or control your money.
Bitcoin gambling sites can also offer bigger profits because their costs are lower. Since no authority controls the market, the gaming sites don’t have to pay licensing and other fees.
However, the absence of regulations also leads to many unreliable Bitcoin gambling sites. For this reason, more responsibility is required of the players. In this guide, we will help you choose Bitcoin gambling sites that are reliable and secure.
We will explain what Bitcoin gambling is and how it works. What legislation exists for Bitcoin gambling and how the Bitcoin casino market looks like. How to choose the right casino- and betting site for Bitcoin and all about bonuses and promotions.
Bitcoin is anonymous, has fast transactions, extremely low fees, and no tax issues. Bitcoin gambling is the smart alternative to regular gambling sites.
What Is Bitcoin Gambling?
Bitcoin gambling works like the normal gambling market, but you use Bitcoin (BTC) as a means of payment instead of fiat currencies such as dollars (USD), euros (EUR) or pounds (GBP).
There are a variety of games on the Bitcoin casino market such as casino games with live dealers, roulette, slot games, blackjack, poker, sports betting and much more.
Almost all Bitcoin casinos offer welcome bonuses for new players which usually doubles your first Bitcoin deposit. There are plenty of gambling sites that accept Bitcoin, and everyone has their own games, bonuses, jackpots, and prizes.
There are gambling sites that exclusively use Bitcoin as the payment method. At the same time, there are older companies that have added Bitcoin as an alternative payment method to traditional currencies.
Gambling companies that have included Bitcoin as an alternative payment method usually convert Bitcoin into a fiat currency when you make a Bitcoin deposit. When you withdraw the money, they convert the currency back to Bitcoin. You want to avoid currency conversion because it usually includes a conversion fee.
No government or authority can control or manipulate the digital currency Bitcoin. This creates a more fair and free gambling market. At the same time, it leads to many unserious players that you should avoid on the Bitcoin gambling market.
We only recommend casino sites that use “provably fair” games. This means that the company uses an algorithm that analyzes and verifies that the odds are fair on the casino website.
Bitcoin casinos can calculate provably fair in different ways, but the concept is the same. Players can verify that a game is fair by entering ID numbers and other information.
There were also countries that prohibit people from playing poker and other games on casino sites. This is no problem with Bitcoin casinos because it’s anonymous. Bitcoin gambling gives more freedom to players.
How Do Bitcoin Gambling Work?
First of all, you need a digital wallet to buy Bitcoin. It is used to store and protect your money. In this guide, you will learn all about Bitcoin wallets.
When you transfer Bitcoin to your casino account, you will receive an online wallet on the gambling site. It contains a Bitcoin address that you use to transfer money immediately and almost for free.
After you have transferred Bitcoin to the address, your transaction needs to be verified by the Bitcoin network. This is usually done directly, or it will take a few minutes. When the money comes into your account, you are ready to play.
To withdraw your winnings, you just transfer the money back to your Bitcoin wallet. No middleman that can restrict or deny your transfer.
However, this is different if the casino site converts your Bitcoin into fiat currency. Then your transfer will probably need to be approved by the company. You should not store your Bitcoin in their online wallet, in the same way as Bitcoin exchanges.
When you don’t play, we strongly recommend that you transfer your Bitcoin to a secure hardware wallet to protect your money. At the same time, you need to be prepared for big fluctuations in the price of Bitcoin.
We also recommend reading the terms on the casino site before you start playing. There are several casino sites on the Bitcoin gambling market that we would not play on. Either because they are unreliable or that their terms are bad.
At the end of this guide, we show Bitcoin gambling sites that are safe and popular for casino games, sports betting and more.
Bitcoin Casinos Games
There are as many casino games available for Bitcoin as for regular gambling sites. You can play roulette, poker, blackjack, jackpot and video slots, baccarat, keno and many more games with Bitcoin.
In addition to comparing which games are offered on Bitcoin casino sites, there are other important factors. Start by checking what bonuses are offered and promotions available.
Once you have registered, we recommend testing the customer service and payout time so that everything is working properly. We also check for a mobile app or other features on the gambling platform.
For example, you can find live dealers for card games as well as unique casino games for Bitcoin gambling sites. The market for Bitcoin gambling is enormous, and many sites are unreliable.
You should avoid playing on new and smaller Bitcoin casino sites because there are many scams. We recommend two of the largest Bitcoin gambling sites that are reliable and secure.
The most popular Bitcoin casino is BitStarz with the best customer service and many casino games. BitStarz also offers normal fiat currencies as a payment method in addition to Bitcoin.
However, the most well-known Bitcoin gambling site is FortuneJack which is a pure online casino for cryptocurrencies. FortuneJack is a safe and anonymous site that only accepts Bitcoin and cryptocurrencies.
Bitcoin gambling is easier to get started with than regular gambling sites. Because Bitcoin is a decentralized currency that doesn’t require any third party, you can transfer money 24/7 every day of the week.
To register on Bitcoin casino sites, you only need to fill out a form. Send money from your Bitcoin wallet and start playing.
Pros and Cons with Bitcoin Casinos
Bitcoin casinos have more advantages than disadvantages compared to normal online casinos. Bitcoin as a means of payment is a significant improvement to standard payment methods. Below we go through all pros and cons with Bitcoin casinos.
Advantages with Bitcoin casinos:
- Bitcoin is safer, faster and basically a free payment method – This is because no middleman is charging high transaction fees when adding money to your casino account.
- Bitcoin casinos offer bigger winnings to players – As Bitcoin casinos have lower costs than regular online casinos, they can offer better payouts.
- No state or bank can control Bitcoin and cryptocurrencies – Anyone playing on an unregulated gambling market understands how important this is. For example, it’s not uncommon to get your money frozen at the casino if you live in the United States. If you play with Bitcoin, you have full control over your money, which prevents such events.
- You don’t have legal restrictions and tax issues – Players from countries with strict gambling rules can participate without problems. Also, there is no additional tax expense when you transfer money with Bitcoin.
- Total privacy and anonymity with Bitcoin – The majority of Bitcoin casinos don’t request any personal information such as your name and address. You only have to share your email in case you need to reset your account password.
- Instant deposits and withdrawals of money – Bitcoin and other cryptocurrencies allow you to transfer money immediately without waiting. If we compare this to regular casinos, withdrawals may take 2 to 7 days depending on your bank choice.
Disadvantages with Bitcoin casinos:
- Fewer regulations on the Bitcoin gambling market – While Bitcoin creates a more free and fair gambling market, players need to take more responsibility. The gambling market for Bitcoin lacks many regulations, which means that players need to be careful about which casino sites they use.
- Bitcoin gambling sites can hide their identity – It’s not only players who can be anonymous, but the gambling sites can also hide their identity. This increases the risk of fraud, and therefore you should avoid playing at unknown Bitcoin casinos. At the end of the guide, we will help you choose a safe and good Bitcoin gambling site.
- No official gambling license for Bitcoin casinos – You can’t control Bitcoin casinos because the cryptocurrency is anonymous. This also means that authorities can’t require gambling licenses from casino sites using only cryptocurrencies.
Bitcoin Betting Games
There is a wide variety of different Bitcoin betting games on the market. Sports betting is most popular, but there are also binary options and prediction markets that use derivative instruments for betting.
Bitcoin sportsbooks make it easier than ever to bet on different matches. It’s both easier and cheaper to bet with Bitcoin instead of fiat currencies on regular gambling sites.
Binary options are common for betting with financial instruments and currencies. You bet money on where the price will be after a predetermined amount of time. In this guide, you can learn how binary options work.
Prediction markets that use derivative instruments for betting are also available. That means you can bet on anything if someone is prepared to bet against you. An example of this is betting on politics.
Bitcoin betting sites are easier to use than regular betting sites. Since Bitcoin can be divided into 8 decimals, you can bet the exact amount you want. You don’t have to meet any wagering requirements that force you to withdraw winnings or bet more to collect your winnings.
New players need to know that 1 BTC = 1000 mBTC. Almost all Bitcoin gambling sites use mBTC for betting because it’s easier to read. When you’re playing it’s important to know the value of each chip
The most popular site for sports betting is 1xBit. They are leaders in sports games for Bitcoin and offer generous bonuses to new players. Because it’s a Bitcoin Sportsbook, you can also play completely anonymously.
Bitcoin Bonuses and Promotions
All gambling sites offer welcome bonuses for new players and various promotions on a regular basis. Bitcoin casino bonuses can be an important factor in finding a good online casino.
Bonuses and promotions are a way for gambling sites to market themselves and get new players. Because Bitcoin casinos don’t require any personal information, it’s easy to create multiple accounts and make use of new welcome bonuses.
After you open an account, you will receive an email about new bonuses added to your casino account when you transfer more Bitcoin. Of course, it’s free, and there are no expensive transaction costs as with regular gambling sites.
Bonuses and promotions can differ widely between various Bitcoin casinos and sportsbooks. However, you should not only compare bonuses between Bitcoin gambling sites. There are websites we would not recommend because they don’t meet basic requirements.
If you want to transfer more Bitcoin, it may be a good idea to visit their website to see if there are any bonuses available. You should also look over the terms of the bonus and what the rollover requirement is before you can withdraw the money.
Let’s say that a Bitcoin casino offers a 100% welcome bonus up to 1 BTC. This means that if you transfer 2 Bitcoin to your casino account, you will receive 1 BTC in bonus. However, there is always a rollover requirement which means you can’t withdraw the money before you have played enough.
We only recommend playing on safe and well-known Bitcoin gambling sites. At the end of this guide, we have listed the best Bitcoin sites for casino games, sports betting and more. Visit the gambling sites to see current bonuses and promotions.
Is Bitcoin Gambling Legal?
Bitcoin gambling is a gray area because authorities can’t maintain laws and regulations in different countries. We will not go into detail how the laws are in different countries but talk about Bitcoin gambling in general.
Some states totally prohibit gambling with fiat currencies. However, these laws don’t work against Bitcoin because it’s not a normal currency. Bitcoin is not an official currency in most countries, which means it’s not strictly illegal to play with Bitcoin.
In most cases, laws and rules cover fiat currencies which don’t include cryptocurrencies. This also means that the state can’t apply its tax rules to your gambling. No government will be able to tax you even if they want because Bitcoin is anonymous.
Additionally, because Bitcoin gambling sites don’t require any personal information, it’s impossible to connect you to the gambling account. Regular gambling sites always require identification from all users.
However, the rules vary for Bitcoin gambling sites because laws vary in different countries. The gambling site must comply with legislation and regulations in the state where the company is established. If you want to play on a new Bitcoin gambling site, you first need to make sure it’s safe, and you should read their terms and conditions.
To be on the safe side, we recommend that you don’t use your real name when opening a gambling account.
Bitcoin Gambling Market
The Bitcoin gambling market has grown considerably in recent years. Because Bitcoin is an anonymous digital currency, it’s difficult for authorities to regulate the gambling market.
Although there are rules that Bitcoin gambling sites are expected to follow, not all gambling sites do. Therefore, as a player, you need to be careful about which websites you play on.
There are Bitcoin casinos that don’t even have a gambling license. We strongly advise not to play on gambling sites without a license or third party certificate. If you’re considering playing on a new Bitcoin gambling site, you should do a thorough background check and read many reviews.
Gambling sites usually have a link to their license certificate in the footer or somewhere at the bottom of the homepage. If you do a background check, you also need to control who issued the license to the company.
One of the most important things to control is that the gambling site only uses “provably fair” games. This is a way for the site to prove that their online games have fair odds.
In that case, you can check that the results of their games are random and therefore fair. Gambling sites prove this in different ways, here’s an example from BitStarz on how it can look.
If the Bitcoin casino is trustworthy, they know that their “house edge” is sufficient to make a profit. Therefore, the company should want to prove to all players that they don’t manipulate any results.
Choosing Gambling Site
Choosing the right Bitcoin gambling site is not the easiest. It takes time to control the security and compare the terms and conditions on the gambling websites. To help you choose, we have listed the most popular Bitcoin gambling sites below.
- 1xBit – Biggest Bitcoin sportsbook on the market. The gambling site is leading on betting with Bitcoin and has a full range of sports betting. Their website is safe, and you can play anonymously. In addition to betting on a variety of sports, there are Esports betting, several casino games with live dealers, lotteries, poker, binary options and more. 1xBit also offers very generous welcome bonuses.
- BitStarz – Most popular Bitcoin casino with hundreds of games to choose from. BitStarz has a full range of casino games including slots, jackpots, roulette, poker and more from many different gaming providers. There is 24/7 live chat support that is best on the market. In addition to the cryptocurrency Bitcoin, you can also use regular payment methods on the gambling site.
- FortuneJack – Very well known Bitcoin casino that has a mix of live and virtual casino games. FortuneJack is a pure Bitcoin casino that exclusively uses cryptocurrencies such as Bitcoin, Litecoin, Dash and many more. They are reliable, and you can play anonymously. The gambling site has hundreds of games and 24/7 live chat support.
Do you want to recommend a good Bitcoin casino? Let us know in the comments below. Last but not least, don’t bet with more money than you are willing to lose and play responsibly.